Business and City Summary

Sunday 3 July 1994 23:02 BST

Click to followThe Independent Online

Fast action needed on new tax rules

Companies are being urged to act quickly to comply with new self-assessment taxation rules introduced last October. KPMG, the accountants, said companies with a 31 December 1993 year-end should plan to submit their tax returns by the end of this month and those with October year-ends to make payments this month.

Under the rules corporation tax on company profits has to be paid nine months and one day after the end of the organisation's accounting period.

Deutsche Bank report

An independent investigation into Deutsche Bank's lending to the collapsed Schneider property group found that loans were inadequately secured and documents were not checked rigorously enough, Bild am Sonntag reported. The newspaper also said the director of Deutsche's Mannheim branch, Prince Michael von Sachsen- Weimar, who often had discussions with Juergen Schneider, the property developer, was in danger of losing his job. A bank spokesman had no comment.

Coffee prices up again

Philip Morris's Maxwell House Coffee is raising coffee list prices again after a 9 per cent increase less than a week ago. A standard 13oz can of ground coffee will cost 30 cents more at dollars 3.04 while instant coffees will rise 45 cents.

China takes control

China's central bank is moving to seize control of the ill-regulated investment fund market, ordering a temporary halt on new funds and banning other agencies from approving funds.